Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019 – Senate inquiry into Bill which would also change s26-52 prohibition on deductions for foreign bribes (to follow the changes it makes to the criminal law)

Unusually, the Crimes Legislation Amendment (Combatting Corporate Crime) Bill 2019, was introduced on in the Senate (on 2.12.19) and a Senate Committee conducted a public hearing on 12 Feb 2020, to inquire into and report of the effect of this Bill, if passed. The Bill would amend the Criminal Code Act 1995 and the Director of Public Prosecutions Act 1983 to make changes to the definitions of bribing foreign officials. One of the consequential changes, however, would be to s26-52 of the Income Tax Assessment Act 1997 (ITAA97), which prohibits deductions for losses or outgoings in bribing those officials.

See below for a summary of the tax aspects of this bill.

[Tax Month – February 2020]